Ratio analysis. (LO3). Hudson Coffee Shops reported the following for the two most recent fiscal years:

Calculate the following for the year ended December 31, 2010:
1. Current ratio
2. Accounts receivable turnover ratio
3. Inventory turnover ratio
4. Return on assets
5. Return onequity

December 31 Cash Receivables (net) Merchandise inventory Fixed assets Total assets Accounts payable Long-term notes payable Common stock Retained earnings Total liabilities and shareholders' equity Net income for the year ended 12/31/10 Sales (all sales were on account) Cost of goods sold Interest expense 2010 2009 34,000 17,000 80,000 48,000 324,000 $558 000 $469,000 83,000 112,000 144,000 130,000 $558,000 $469,000 85,000 74,000 365,000 65,000 82,000 176,000 235,000 115,000 620,000 284,000 3,000